ST. CROIX INSIGHTS
3 Key Steps for women to manage your money and investments after a divorce
BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC
One major reality for many women who have experienced a divorced is learning to manage their money and investments. It seems for many couples I meet with, one spouse takes the lead on paying the bills, making investments and financial retirement decisions. Before you finalize your divorce or even if your divorce is finalized, here are three key steps to take
Understand your new financial realities.
- Day to day. Do you have enough money to pay the day to day bills? Are you still able to save for retirement? Maybe you have to contend with the B word – BUDGET. That might be something you’ve never had to worry about. Or did you receive enough from your divorce settlement that you don’t have to worry about making money, but rather how to manage it, so it doesn’t go away, and you can live off the interest your investment/retirement accounts earn? 99% of us no matter how much money we have, need to budget to make our money last.
What does this mean for your long-term future?
- For some, you may have to work longer then you planned or expected. Might not sound so ideal today, but with proper financial planning, you can still pursue goals you had prior to your divorce. Understand the long-term decisions you’ll need to make today so that you can have the lifestyle and retirement you seek as that is even more important today as the CEO of your new household.
It’s ok to admit you might need help when it comes to your money.
- Asking for help is powerful. It places you in the driver seat. For many, managing money is new to them. They’ve relied upon their former spouse when it came to budgeting, investments, taxes and the list goes on. For many clients after a divorce, they don’t want to handle let alone think about money. They want help in making financial decisions and help with their investments, so they don’t screw it up.
Remember, you’ve got this and the confidence to make key financial decisions to help reach your financial goals. If you seek a Certified Financial Planner, find one that works with divorcees. They’ll better understand your personal situation, the challenges, and opportunities that are waiting for you.
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Ask yourself- can my portfolio support my lifestyle in my retirement?